Lola Evans
22 Jun 2022, 18:26 GMT+10
SYDNEY, NSW, Australia - Stocks in Asia were dumped on Wednesday, despite a strong rally on Wall Street overnight.
Persistent fears of rising inflation continued to block rallies on Asian bourses, with news that UK inflation has hit a 40-year high just as the Asian markets were winding down.
The U.S. dollar perked up however it was outshone by, believe it or not, the Russian rouble. The Russian currency jumped 1.40 percent to 53.07, a 7-year high against the rallying dollar.
The biggest loser percentage-wise on Wednesday was South Korea's Kospi Composite which dived 66.12 points or 2.74 percent to 2,342.81.
Not far behind was the Hang Seng in Hong Kong, which closed down 551.25 points or 2.56 percent at 21,008.34.
In Japan, the Nikkei 225 slid 96.76 points or 0.37 percent to 26,149.55.
Australia's All Ordinaries retreated 18.80 points or 0.28 percent to 6,682.30.
In China, the Shanghai Composite fell 39.52 points or 1.20 percent to 3,267.20.
New Zealand's S&P/NZX 50 dropped 22.92 points or 0.21 percent to 10,678.67.
On foreign exchange markets the U.S. dollar bounced up again. The euro crumbled to 1.0502 by the Sydney close Wednesday. The British pound slumped to 1.2193. The Japanese yen was mired at 24-year lows around 136.24. The Swiss franc eased to 0.9676.
The Canadian dollar was sharply lower at 1.2981, as was the Australian dollar at 0.6897. The New Zealand dollar weakened to 0.6258.
Surprisingly, however, due to tightening capital controls, the Russian Rouble upstaged the ever-stronger dollar with its 1.40 percent gain against the greenback, propelling it to a seven-year high, making it the strongest of the world's currencies.
Overnight on Wall Street, the Dow Jones industrials advanced 641.47 points or 2.15 percent to 30,530.25.
The Nasdaq Composite rose 270.95 points or 2.51 percent to 4,069.30.
The Standard and Poor's 500 added 89.95 points or 2.45 percent to 3,764.79.
Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.
More InformationALBANY, New York: A New York state judge has struck down a recent law giving 800,000 non-citizen New York City ...
DUBAI, UAE: The Arab states have built significant amounts of solar and wind power installations, and are in line to ...
LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...
LISBON, Portugal: Tuvalu Foreign Minister Simon Kofe walked out of the opening cermonies of this week's United Nations Ocean Conference ...
SULAWESI, Indonesia: Using just a rope, an Indonesian man, supported by fellow villagers on the island of Sulawesi, captured a ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
ABU DHABI, 1st July, 2022 (WAM) -- UAE residents felt a 6.3 magnetite quake that jolted South Iran on Saturday at ...
BLAST announced that this year's Premier World Final will be staged in Abu Dhabi, UAE. The world championship will be ...
Washington [US], July 1 (ANI): The United States has accused several companies and research institutes in China of supporting Russia's ...
Abu Dhabi [UAE], July 1 (ANI/Xinhua): President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan on ...
Doha [Qatar], July 1 (ANI): FIFA has announced that semi-automated offside technology will be used at the FIFA World Cup ...